Atari received this notice because the market value of its publicly held shares (which is calculated by reference to Atari, Inc.'s total shares outstanding, less any shares held by officers, directors or beneficial owners of 10% or more) was less than $15.0 million for 30 consecutive business days prior to December 21, 2007. This notification has no effect on the listing of Atari, Inc.'s common stock at this time.
The notice letter also states that if, at any time before March 20, 2008, the market value of Atari, Inc.'s publicly held shares is $15.0 million or more for a minimum of 10 consecutive trading days, the Nasdaq staff will provide Atari, Inc. with written notification that it has achieved compliance with the minimum market value of publicly held shares rule. However, the notice states that if Atari, Inc. cannot demonstrate compliance with such rule by March 20, 2008, the Nasdaq staff will provide Atari, Inc. with written notification that its common stock will be delisted.
In the event that Atari, Inc. receives notice that its common stock will be delisted, Nasdaq rules permit Atari, Inc. to appeal any delisting determination by the Nasdaq staff to a Nasdaq Listings Qualifications Panel.